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is raising tax rates on the wealthiest americans. >> we're going to have to see the rates on the top 2% go up, and we're not going to be able to get a deal without it. >> reporter: if republicans agree to do that, the president told bloomberg television, he'll agree to serious spending cuts. republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some deductions and loopholes. during last year's budget showdown, the president said he wanted to do exactly that. >> what we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base. >> reporter: but now the president does not. he says it will not raise enough revenue. >> it's not me being stubborn. it's not me being partisan. it's just a matter of math. >> reporter: amidst all this disagreement, one area where there might be potential compromise,
the program. >> reporter: and, of course, going off the so-called fiscal cliff means a tax hike for just about everybody who does have a job. but today, treasury secretary timothy geithner said the president is absolutely willing to go off the cliff unless republicans agree to raise tax rates. >> there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: and on that, no progress. >> where are the specifics? where are the discussions? nothing is going on. >> reporter: there have been no real talks between the white house and republicans for a week. but late today, diane, one possible sign of progress. the president and the speaker of the house spoke via telephone. neither side would give any details about what was said, but the stock market closed higher today with traders, at least, apparently optimistic that a deal will be reached. >> one phone call can do that. okay, thank you, jonathan karl. >>> and now, we head overseas to cairo. another day of bloodshed and chaos there. battles erupting in
and do what i ask. >> we're not going to extend an extension of the tax rates for the top 2%. >> if i was working the way congress and the president are working, i would probably lose my job. >> reporter: so early this morning, paige went on to the petition page on the white house website and wrote a petition that would cease paychecks and health benefits for all members of congress and the president until the fiscal cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets and republicans refusing. after refusing the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter: -- a senior white house official assailed it as a step backwards saying if republicans do not agree to some higher rates for wealthier taxpayers, the nation will go over the cliff and the american peo
died in 2009, edie got socked by the irs with $363,000 in estate taxes, which no widow in a straight marriage would have to pay. today, the supreme court decided to hear edie's case challenging the law she says discriminates against couples like her and thea. the defense of marriage act, which defines marriage under federal law as the union of one man and one woman. the justices will also decide whether states have the power to ban gay marriage. and 30 states have laws that do just that. it's been a breathtaking year of change on the issue. president obama, in a switch from 2008, announced his support for gay marriage in a may interview with abc's robin roberts. >> for me personally, it is important for me to go ahead and affirm that i think same sex couples should be able to get married. >> reporter: on election day last month, voters approved gay marriage at the ballot box for the first time, after dozens of defeats, when maine, maryland and washington state legalized it. but now, it all comes down to the nine justices of the supreme court, and they are generally conservative on so
in tax revenue per year. enough to cover the seattle police department's entire budget. it becomes legal in colorado next month, and experts say three states, oregon, california and massachusetts, are also watching closely. just to give you a sense of what the stores might look like, this is a medical maifrn dispenry. soon, you may see marijuana with prices and labels just like, this in totally legal stores, at strip malls. diane? >> thank you, name. >>> and now, we head to washington and a big shock today about one of the most powerful forces in the tea party. republican senator jim demint of south carolina, the unwaivering godfather of the movement, announced he is leaving the government. he says he thinks he can be effective at head of the conservative research group, the heritage foundation. and, as one powerful senator exits the stage, another sounds an alarm tonight about the waste of taxpayer dollars. republican senator tom coburn triggers of washington watchdog report and abc's jonathan karl . >> reporter: the zombie apocalypse. this isn't some really bad b-movie. it's an actual
Search Results 0 to 7 of about 8 (some duplicates have been removed)